The art industry is a vibrant and ever-growing sector, with global sales of art and antiques reaching a staggering $50.1 billion in 2020. Despite the challenges posed by the pandemic, the online art market has thrived, with sales surging to $12.4 billion in the same year. It seems that even in the face of adversity, people still crave the beauty and inspiration that art provides. Who says you can't put a price on creativity?
To operate your independent art business, you'll need to obtain certain licenses and permits. These may include:
It's important to research the specific requirements for your area to ensure you're operating legally. After all, you wouldn't want to be caught red-handed (or should we say, paint-handed?) without the proper paperwork.
Registering your business name and choosing a legal structure, such as an LLC or S-corp, can provide various benefits, including:
However, the choice ultimately depends on your specific needs and goals. It's wise to consult with a legal professional or accountant to determine the best path forward for your artistic endeavors.
Starting an independent art business requires some initial capital and equipment. You'll need to invest in:
The amount of capital required will vary depending on the scale of your operations and the materials you use. However, with a bit of creativity and resourcefulness, you can keep startup costs relatively low. Just remember, you're investing in your passion – and that's priceless!
From sole propr., KY LLC, KY partneship or KY Corp.: Each requires an entity certificate filing.
All Retail Trade businesses/entities need a business license and an EIN.
Selling/Buying wholesale or retail requires a KY seller's permit.